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Large Apartment Complex Opportunities
We feel there is an opportunity for investors to purchase large apartment complexes by offering highly leveraged financing.
We have now added property listings for large apartment complexes with asking prices above $5,000,000. These larger deals potentially qualify for the HUD 223-F loan program.
This program offers 85% LTV financing. In addition, this program will allow the seller to hold up to 7.5% of the purchase price as a second mortgage. The combined LTV can be as high as 92.5% (subject to appraisal). This program also offers fixed-rate terms for 35 years, non-recourse terms and interest rates currently in the mid 5's.
To qualify for this program the property has to be in excellent condition and have an occupancy of at least 87%.
We have researched the listings on this page and we feel most of these properties would qualify for this HUD 223-F loan program.
Updated 7/30/2010
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New Listings are labeled for the first 2 weeks
State | |
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Town |
Property Description |
Asking Price |
Gross Income |
Gross Multiplier |
Cost per unit |
Comments |
Contact Broker |
| Connecticut |
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92 unit
New Listing |
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1.04M |
6.25 |
70,652 |
1970's apartment complex consists of 7 buildings with all spacious 2BR townhouse style units. Rural setting on 23+ acres. Well maintained property operates at high occupancy. Ten new furnaces (out of 13). |
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| Indiana |
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109 unit
New Listing |
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928,980 |
6.5 |
54,954 |
1970 Apartment complex consists of four brick buildings located amid single-family residential homes. Features include patios/balconies, individual thermostat controlled heating/AC, laundry facilities, storage units and off-street parking. |
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| Kansas |
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| Kentucky |
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| Maine |
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96 unit
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1,000,000 |
10.5 |
109,375 |
96 garden style apartments plus a building housing the rental office and a garage. Property was built and held by one owner who built it to maximize utility usage and has always maintained the property at higher than average standards. Due to these factors, most tenants are long-term, with vacancies always low, often with a waiting list. Adjacent land also available. Excellent location minutes from Interstates 295 and 95, the South Portland mall and the Portland Jetport. Also about a mile to the beach and Casco Bay. Masonry construction keeps insurance and heating bills low.
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| Minnesota |
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96 unit
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970,176 |
5.7 |
57,292 |
1967 apartment complex situated on 5 acres and with only 4 vacancies. There are 2 apartment buildings and 4 garages with a total of 98 spaces and 86 surface spaces. All units have a washer/dryer, balcony or patio and window treatments. Mostly 2BR units. Outdoor swimming pool and landscaped grounds. |
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66 unit
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98,484 |
PRICE REDUCED $200k
New Construction - Opened June 1, 2008 (94% leased as of Oct.)
Many Amenities including: Fitness Center, Billiards Room, Community Room, Manager's Office, In-Unit Laundry, Tuck-Under Garages, Spacious 1, 2 & 3 Bedroom Floor Plans. Located Near City Park
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| Missouri |
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147 unit
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Not Available |
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80,000 |
The property is bringing on line 36 units (included in the offering) in the next 30 days, ten are pre-leased. Current built out units are 100% leased. The property is fire sprinklered with smoke detectors. In ground irrigation sprinklered as well. On site security cameras and patrol. 11.46 acre lot offers many panoramic views. Recently appraised for $12,600,000. There are 24 1BR, 90 2BR/2BA and 24 3BR/2BA units. |
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215 unit
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1.632M |
5.82 |
44,186 |
Apartment complex comprised of 20 buildings with brick siding and asphalt shingles pitched roofs.
Property was built in early 1970s and has gone through few renovations in time. The current owners are upgrading the property as it is being marketed. The new upgrade includes a fresh coat of high quality paint on brick façade, new roofs on all buildings but 5, which are less than 5 years old, replacement of mechanical equipment, carpets, appliances and other items as needed and extensive landscaping that will be scheduled for this fall. There is a unit mix of studios, 1BR, 2BR and 3BR units.
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120 unit
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884,436 |
8.93 |
65,833 |
Extensive renovation recently completed. There are 17 1BR and 103 studio units. All units have stackable washer/dryers
Seller 2nd available. |
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| Ohio |
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120 unit
New Listing |
|
1.145M |
5.8 |
54,916 |
1993 Class A garden style apartment community situated on 7.7 acres. There are five 3-story buildings and nine detached parking garage buildings with 121 spaces. All large 1,090 sq. ft. 2BR units. Very well maintained with no deferred maintenance. Low vacancy. |
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176 unit
New Listing |
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Not Provided |
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63,147 |
New construction 2-story apartment complex featuring low maintenance construction and all electric utilities. Amenities include clubhouse, fitness center, movie theatre and a resort style swimming pool. |
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148 unit
New Listing |
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Not Provided |
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62,371 |
New contruction apartment complex located on the East Side adjacent to Big Walnut Creek. Amenities include clubhouse, fitness center, and a resort style swimming pool. |
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203 unit
|
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1.247M |
6.09 |
37,431 |
Apartment complex consists of 42 buildings situated on 14 acres of land. 95% Occupancy. |
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| Wisconsin |
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148 unit
|
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845,520 |
5.85 |
33,445 |
Portfolio of 148 units located in mid-town and the west side of Green Bay in 3 locations. Built by the current owners in the 1970s and 1980s, these units have been professionally managed and are in immaculate condition with no deferred maintenance. Low vacancy rates. Cap rate incorporates management fee and reserves. |
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